POLITICO | June 11, 2018 08:14:00 Delta Air Lines CEO Kevin Lamarque said the company plans to save a whopping $1.2 billion on air fares.
Delta Air Lines, which is owned by Delta Air lines, is the fourth-largest airline in the world and serves more than 10 million customers per year.
Lamarque said Thursday the company will slash the cost of a roundtrip from $160 to $100 per seat.
“That means the cost for an additional seat is $20, up from $20,” he said.
“And the difference is really, really minimal.”
Lamarques comments came as the company announced a $1-billion round of financing that would help it keep pace with rising costs.
The airline said the investment will enable Delta to focus on its core business and also help to keep the company competitive in the coming years.
That investment is expected to close in 2019, a company spokesman said.
In addition to the round of funding, Delta will add about 100 pilots and a few thousand maintenance workers.
The airline has been a focus of some of the highest-profile CEOs in the country, including former Citigroup CEO Vikram Pandit, who has said the airline needs to grow.